(A) Except as provided in subsection (B) of this section, a person desiring to engage in the sale of vacation time sharing plans on behalf of a seller shall first register with the commission. The registration must be submitted to the commission by the person on a form prescribed by the commission and including the name, address, and telephone number of the person and additional information as requested by the commission.
(B) Regular employees of the seller are exempt from the registration requirements of subsection (A) and from all licensing requirements of Chapter 57 of Title 40.
(C) A person registering pursuant to this section shall pay an initial registration fee in the amount of one hundred dollars. This fee must accompany the registration application submitted to the commission.
(D) The seller shall supervise, manage, and control all aspects of the offering and sale of a vacation time sharing plan. A violation of this chapter by a registrant employed by a seller as an independent contractor, either directly or through a third party, in connection with the offering or sales of interests in vacation time sharing plans may be considered to be a violation by the seller, as well as by the registrant who committed the violation, if the seller knew or should have known of the conduct constituting the violation.
(E) The registration of a person registered pursuant to this section is subject to annual renewal, on or before June thirtieth, upon submission of a renewal application in a form as the commission prescribes and payment of a fifty-dollar renewal fee. Failure to timely renew results in cancellation of the registration.
HISTORY: 1981 Act No. 106, Section 3; 1994 Act No. 385, Section 48; 2003 Act No. 84, Section 1.
Structure South Carolina Code of Laws
Title 27 - Property and Conveyances
Chapter 32 - Vacation Time Sharing Plans
Section 27-32-10. Definitions.
Section 27-32-30. Materials to be kept among business records of seller of plans.
Section 27-32-40. Furnishing copy of contract to purchaser; terms thereof.
Section 27-32-50. Request to cancel contract.
Section 27-32-55. Vacation time sharing resale services; written contract; and other requirements.
Section 27-32-60. Refund upon cancellation; escrow account.
Section 27-32-70. Misrepresentation of right to cancel.
Section 27-32-80. Transfer of seller's interest in plan or facilities to third party.
Section 27-32-100. Public offering statements; contents.
Section 27-32-110. Prohibited practices.
Section 27-32-115. Finder's fees; limitations on finder's activities.
Section 27-32-120. Penalties for violation of chapter; effect on contract.
Section 27-32-130. Enforcement and implementation of chapter; regulations.
Section 27-32-160. Grants in aid and contracts with similar agencies to further objectives.
Section 27-32-170. Proceeds from sale or exchange exempt from sales tax.
Section 27-32-190. Registration of plans; powers of the commission.
Section 27-32-200. Vacation Time Sharing Recovery Fund.
Section 27-32-210. Recovery from fund; conditions.
Section 27-32-220. Limitations on payments from fund.
Section 27-32-240. Property taxation of time share units; valuation; assessment; enforcement.
Section 27-32-250. Sales or exchanges of vacation multiple ownership interests.
Section 27-32-300. Short title.
Section 27-32-310. Definitions.
Section 27-32-325. Conditions for exercise of power of sale by trustee.
Section 27-32-330. Notification of obligor; perfection of notice.
Section 27-32-345. Public sale procedures; certificate of sale.
Section 27-32-355. Trustee's deed; release of lien extinguished by sale.
Section 27-32-360. Disposition of proceeds of sale; costs and fees.
Section 27-32-365. Trustee's deed; contents; effect; liability of trustee.
Section 27-32-400. Citation of article.
Section 27-32-410. Timeshare closing; time; representation; notice to purchaser; contents.
Section 27-32-500. Short title.
Section 27-32-505. Purposes of article.
Section 27-32-510. Extension of vacation time sharing plan terms; voting; quorum; proxy.